How the property world reacted to the Budget
Mixed reactions to the Chancellor's new schemes
Thursday 21 March 2013
The Chancellor's £5.4 billion package of financial
support to help the housing market announced in the Budget included the launch of two schemes under the Help to Buy banner - 'equity loan' (the Government will loan up to 20 per cent of the value of anew build
home) and 'mortgage guarantee' (lenders will be given incentives to make
more mortgages available for people with small deposits).
This is how the property professionals reacted:
Liz Peace, chief executive of the British Property Federation
"Overall there's more good than bad for the property industry in this Budget, and the Chancellor appears to have avoided last year's mistake of announcing half baked policies, like the 15 per cent stamp duty rate. For too long time the size of deposit needed to get on the housing ladder has proved prohibitive and has been the missing piece in a coherent housing strategy, it's good to see the Government move to remedy this."
Shelter's chief executive Campbell Robb
"This budget ignores business leaders, economists and even government ministers who've been calling for radical action to kick-start our economy by building more homes. Instead, the government has chosen to extend existing schemes which have so far have failed to deliver on any scale. This budget was a huge missed opportunity to build enough homes to make sure our children will have a stable and affordable place of their own. Helping a small number of first time buyers today will do little to meet the aspirations of young families tomorrow."
Donna Houguez, Market Analyst for Quick Move Now
“I think it is admirable that the Government is making this statement of support to the property market, and it clearly hopes that creating movement in this one sticky area will, in turn, stimulate the layers above. However, I am concerned that take up of past government schemes, from lenders, house builders and buyers alike, has been pitifully low and no rationale has been demonstrated to explain why ‘Help to buy’ is likely to be any different.”
Robert Bartlett, CEO of Chesterton Humberts
“Second steppers, and even third, fourth and fifth steppers, are the surprise beneficiaries of this year’s budget as they have now been allowed to enjoy some of the incentives that have previously only been available to first-time buyers. Overall, I welcome the measures relating to the housing market, which definitely represent good news for aspiring homeowners and the housebuilding sector, but I am still questioning whether there was enough in the Budget to really build on and sustain the momentum seen so far this year."
Mark Harris, chief executive of mortgage broker SPF Private Clients
"The Help to Buy initiative should provide a significant boost for the housing market. If lenders are serious about boosting their business levels, this is the perfect way of doing so and it should be of real assistance for first-time buyers in particular. The Budget really will help those who aspire to own their own home."
Michael Fiddes, head of agency at Strutt & Parker
The new mortgage guarantee will help those who do not have a substantial deposit but can afford the monthly mortgage payments. Anything which frees up the availability of mortgages and gives mortgage lenders the security and confidence to know they will be repaid is undoubtedly positive as one of the factors influencing buyers’ decisions is the lack of mortgage finance. This initiative will help buyers move up the housing ladder and inject some momentum into the whole housing industry.”
Richard Sexton, director of e.surv chartered surveyors
“Help to Buy will help stoke the fires of the mortgage market. But why wait nine months to introduce it? But once it does come in to effect, house purchase lending and sales should rise at the start of 2014 and provide a welcome boost to the economy.”
Miles Shipside, Rightmove director and housing market analyst
“There is obviously some detail to be worked out which is delaying the start of the Help to Buy scheme for existing homes, but this represents an immediate shot in the arm for the new build industry. It also effectively gives them an exclusivity period of nine months over existing homes that will give them an upper hand in wrestling buyers away from the resale market into their brand new offerings till the start of 2014.”
Mark Hayward, President of the National Association of Estate Agents (NAEA)
“Housing received a surprising level of attention but there is still work to be done. Plans to inject £130 billion for low mortgage deposits and expand NewBuy and Right-to-Buy schemes are welcome, but significant challenges remain to ensure such housing initiatives are fully understood and adopted.”
Brendan Cox, Managing Director of Waterfords estate agents
“The new mortgage guarantee that the Chancellor has announced is extremely positive news for our industry. It will have an effect on the whole of the market, as people who couldn’t afford such a large deposit will now have the help they require. It means first time buyers will be able to get to the market earlier and come out of rented accommodation or leave the home that they have been in with their parents and this will inevitably have a knock on effect as it will get chains moving again.”
Jonathan Moore, managing director of Easyroommate.co.uk
"The Help to Buy scheme will go some way towards releasing some of would-be buyers from the rental sector but this policy in isolation isn’t enough to solve the housing problem. There is still a huge supply and demand imbalance in the rental market and this needs to be addressed. Boosting house-building is one part of the answer but the Chancellor has missed a golden opportunity to unlock accommodation sat idle across the country."
Simon Rubinsohn, RICS Chief Economist
"The range of measures announced under the ‘Help to Buy’ scheme to kick start the housing market are much needed. Helping those who can’t afford large deposits by using the government’s balance sheet to guarantee mortgages and using capital savings to offer shared equity loans on new build for all buyers will help prevent prolonged market stagnation - although it presents a significant risk to government. The devil will be in the detail about how the government will treat buy-to-let and those in negative equity. However, government need to be careful this doesn’t create another housing bubble – pushing prices up at the expense of buyers."
On the market for the first time in more than 50 years, this six-bedroom home is a project with vast potential - spread over three floors of living space.
This five-bedroom home comes with a range of outbuildings including a large barn which could be converted into a self-contained granny-flat or rental.
Surrounded by rolling countryside, this four-bedroom barn conversion comes with a self-contained, one-bedroom annexe that could serve as an office or a holiday let.
Located near Harrogate town centre, this five-bedroom Victorian terrace is arranged over three storeys while a current study serves as an optional sixth bedroom.
A ground-floor flat in a country house, located a mile from Sway; this two-bedroom home would make an ideal weekend retreat on the edge of the New Forest.
On a popular residential lane in Caterham on the Hill, this four-bedroom family home offers a secluded garden and a convenient location for local schools and public transport.
Just a short walk from Westerham green, this three-bedroom cottage has a light kitchen with exposed brickwork and double doors that lead to a south-facing garden.
In a prime spot opposite the River Thames, this one-bedroom flat has an 18sq ft reception room with glass doors that open out to a private terrace.
Set in the hills above Llanwrda Village, west Wales, this 18th-century three-bedroom farmhouse has holiday-let potential from a separate barn conversion and annexe.
This charming end-of-terrace townhouse is arranged over three floors, with two double bedrooms and a private courtyard garden located at the rear of the property.
This four-bedroom Edwardian home offers a combination of original features and contemporary design after a renovation by the current owners.
Located in the University area, this semi-detached five-bedroom home is arranged over three floors - there's even a rear garden and off-road parking too.
Only a few minutes' drive from the charming town of Marlow, this two-bedroom home sits on the private riverside estate of Harleyford.
This detached four-bedroom home in Middleyard is arranged over two floors, with features that include a wood-burning stove and bespoke oak staircase.
In a row of eight detached Georgian residences, this five-bedroom home offers views of The Sound, Mount Edgcumbe and Cornwall from its impressive veranda and full-length balcony.
If you love cooking for friends this two-bedroom flat - complete with views of the iconic Battersea Power Station and an open-plan kitchen/dining area - will go down a treat.
Located above Grasmere village, this five-bedroom home is arranged over three floors and offers countryside views across Grasmere Lake towards Silver Howe.
Surrounded by the Western fells, this five-bedroom Georgian home retains many original features including panel-plastered ceilings, sash windows and fireplaces.
This six-bedroom home is set amongst three acres of grounds. Currently a large family home, Clift Hill has potential to make a B&B, subject to change of use permissions.
A former period coach house, Glebe Farm Stable is now a three-bedroom cottage with a double car barn, office, kennels and an outbuilding that's currently used as a gym.
Set sail for this four-bedroom farmhouse in Cowes. With five acres of land and an indoor pool, this home oozes character. There is even potential to let a one-bedroom annexe.
Surrounded by woodland, this five-bedroom manor house has plenty of outdoor storage space in the form of three converted loose boxes, two smaller outhouses and a woodstore.
This four-bedroom detached home comes with a double carport, useful workshop, garden and two walkways that offer views of the adjacent countryside.
With space for an equestrian business, a greenhouse for growing your own veg, a wine store and a gym; this five-bedroom home has all the ingredients for a country retreat.
This four-bedroom home has exposed brick chimneys and a vaulted ceiling in a breakfast room that's ideal for summer entertaining - the doors open to the patio and garden.
The decked roof terrace of this two-bedroom flat is perfect for summer drinks while large windows and ample storage space make for a light and spacious interior.
Surrounded by approximately 15 acres of grounds, this six-bedroom grade II-listed home has been extensively refurbished yet retains many period features.
This four-bedroom home comes with a two-bedroom cottage and commercial office, with planning to extend, in a stunning courtyard setting.
In a pretty Norfolk village, this four-bedroom family home is surrounded by landscaped gardens, with even a self-contained annex for guests.
A few miles from the seaside at Perranporth, this four-bedroom farmhouse sits amongst nine acres of idyllic grounds - including a lake and two barns used as holiday lets.
This five-bedroom home is arranged over three floors of a converted Victorian hospital, offering spectacular views of the Pentland Hills - only three miles from the city centre.
This four-bedroom detached home comes with grounds that span to approximately 2.5 acres, as well as two large patio areas and a double garage.
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A four-bedroom apartment on the ground floor of a stunning period property in North Yorkshire, with two kitchens and a large south-west facing garden.
This high-spec two-bedroom home is part of a smart collection of new flats at Beaufort Park and has a large decked balcony that's perfect for summer drinks.
Capitalise on the fabulous views of Trevone Bay by taking two homes and creating one spacious boutique B&B. Just a cliff-top walk from Padstow.
Overlooking a golf course, this six-bedroom Edwardian detached home spans four storeys and retains many period features including the original, operational servants' bells...
On the edge of the city, this six-bedroom home comes with an outdoor swimming pool and a large garage block that has annexe potential.
In a Grade II-listed manor just outside of Bath, this three-bedroom home is arranged on two floors with a skylight in a vaulted roof line.
Open the living room's bi-fold wooden doors to reveal a retro-style kitchen, and a conservatory leading to a paved garden at this three-bedroom home.
A Grade II-listed, four-bedroom home, in a charming Somerset village, with a two-storey studio that could be converted into a holiday cottage
A modern four-bedroom Victorian home, within walking distance to the high street
A luxury apartment in the Gothic mansion of Wyfold Court in Kingwood, offers six bedrooms spread over three floors and a turret
This school conversion, near Stockwell Tube, oozes New York loft style. The one-bedroom flat features double height ceilings and exposed brick work
This six-bedroom Georgian home is on three floors with open fireplaces, a two-oven Aga, an annexe, and cottage gardens with outbuildings and a car barn
High Crest House covers an impressive 9384sq ft, with almost three acres of grounds including a tennis court and summer house enclosed by electric gates
A six-bedroom farmhouse with separate accommodation in converted stables. Situated in the village of Church Aston, within walking distance to the market town
A two-bedroom flat with under-heated walnut floors and bespoke built-in storage. The Tube and Clapham Common are a short stroll away
A refurbished seven-bedroom townhouse with staff quarters, cinema room, superb gym, steam room and plunge pool
A minimnalist four-bedroom home designed to the highest spec, featuring glass walls and a kitchen space lit by a glass roof
Hibernate during winter and make your living during the summer at this busy guesthouse with panoramic sea views, in the village of Lynton
A four-bedroom penthouse next to the Tate with direct views of St Paul's from two floors of luxurious living space
A four-bedroom detached home surrounded by spacious gardens and woodland, close to New Pudsey
An 18th-century, three-bedroom home near Langstone Harbour built from ships beams with vaulted ceilings and wood burning stoves
A five-bedroom semi-detached home with a mix of period and modern features in a popular and convenient location
This five-bedroom red-brick beauty overlooks the village green and sits in just under two acres of land
A three-bedroom villa with self-contained flat, minutes from Lake Windermere
A five-bedroom Victorian home with four receptions, superb gardens and paddock in Pembury
An eight-bedroom house on the south side of the The Green with cinema, wine cellars and summer house
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